Ruixin International Holdings Limited (724) published its unaudited consolidated interim results for the six months ended 30 June 2024. The Group recorded no revenue during the period, compared to HK$56.16 million for the same period in 2023.

Loss for the period narrowed to HK$20.44 million from HK$34.79 million one year earlier, primarily due to lower operating losses in its electronic products segment, partially offset by higher imputed interest expenses on convertible notes and shareholder loans. The Group noted that its reduced operating costs stemmed from fewer orders and a tough market environment.

Before imputed interest expenses, the Group’s loss stood at HK$9.15 million, down from HK$25.48 million in 2023. Imputed interest on convertible notes rose to HK$9.63 million (compared to HK$8.39 million in 2023), while imputed interest on shareholder loans increased to HK$1.66 million (compared to HK$0.92 million in 2023).

As of 30 June 2024, the Group held HK$6.57 million in cash and reported net current liabilities of HK$166.58 million alongside net liabilities of HK$192.86 million. Management indicated that limited capital and intense competition in electronics trading have affected overall performance.

No interim dividend was declared for the period. The Group had no bank borrowings on record and did not pledge any of its assets as security at the reporting date.

Subsequent to 30 June 2024, the Group is pursuing a resumption plan to address the suspension of trading in its shares from 2 September 2024. The plan involves raising additional capital and extending or settling its existing indebtedness to improve the Group’s financial position and support its ongoing operational initiatives.